• Credit indices were tighter, oil was lower (back through $100), & the solid equity rally continued across Europe perpetuating the ‘risk-on’ mood.
• In the aftermath of the strong rally yesterday Government bonds continued to fare well with the short-end of the UK & European curves out-performing for most of the day.
• With a proliferation of deals today € IG surpassed last Tuesday’s €17.925bn to price €19.25bn from 14 deals (3 x Corp, 6 x FIG & 5 x SSA) via 15 tranches.
  • Week-to-date we stand at €29.1bn (24 deals / 30 tranches)
  • This represents 83.3% of our survey forecasts (€34.93bn)
  • 8 of the 14 € IG deals today were either Green or EuGB.
• Sterling (£) was active again, yielding £1.45bn from 4 deals (3 x FIG & 1 x SSA) via 4 tranches.
• There was no activity in either the Swiss Franc or the US$ Reg S market.
• The trade of the day was the Republic of Italy’s 12yr Green offering which garnered a massive book of €113bn, sizing at a more modest €8bn.
• Ahead of Thursday’s conference in Seville, today’s “Talking Point” (below) looks at € IG Covered Bond issuance volumes by Country for 2025 vs 2026 YTD.
• iTraxx Europe & the iTraxx Senior & Sub financial indices eased throughout the session & are currently trading at 57.848 (-0.55%), 61.735 (+0.13%) & 100.478 (+0.28%) respectively (as we print). % changes are to this morning's opening levels.
• Brent Crude fell on news that Saudi Arabia was set to turn the taps on again for its East to West pipeline, hitting a session low of $97.41. Optimism ahead of the UN gatherings in New York helped the move back through $100, currently trading at c.$99.35 (c.$101.90 this morning).
• European equity bourses had a mostly positive session, though the FTSE sold off late in the day (lower by 0.11%), while the Dax & CAC 40 were higher by 0.18% & 0.43% respectively.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €2bn
    • Avg. tranche size €667m
    • Avg. IPT to Pricing -39.33
    • Avg. cover 4.23 X
  • FIG
    • Total IG: €4.75bn
    • Avg. tranche size €679m
    • Avg. IPT to Pricing -4 (covered) - €1bn
    • Avg. IPT to Pricing -24.9 (unsecured) - €3.75bn
    • Avg. cover 1.98 X
  • SSA
    • Total IG: €12.5bn
    • Avg. tranche size €2.5bn
    • Avg. IPT to Pricing -1.8
    • Avg. cover 6.1 X

• Pipeline: The European IG pipeline cleared mostly with only a handful of € trades remaining, including a new corporate hybrid mandate. 
  • 1 x € Corp (dual-tranche hybrid)
  • 3 x € FIG (3 x Covered & 1 x Green)
  • 1 x € SSA

Contact Stuart Aylward with questions or comments on stuart@creditflowresearch.com

Talking Point

• Further to yesterday's analysis, the table & chart below set out € IG Covered issuance by nationality in 2025 vs 2026 YTD. Germany & France remain the two largest issuers in both years, though their combined share has edged down from 40.3% to 37.4% as supply broadens.
• Canada is the standout gainer, up +€7.65bn (+76%) to €17.75bn across 15 tranches, overtaking the Netherlands, Norway & Australia to become the third-largest issuing country in 2026 YTD.
• Anglo-Saxon & Nordic supply has retreated, with the UK (-30%), Australia (-37%), Sweden (-33%), Norway (-17%) & Finland (-21%) all pulling back, & the UK/Australia each shedding tranches too, pointing to a structural reduction rather than smaller deal sizes.
• Pricing power has also improved, with average new-issue tightening moving from -5.75bps to -6.22bps (+8%), confirming demand has absorbed the higher supply without concession fatigue, a constructive backdrop heading into Q4.

Euro IG (today)

• ESB Finance DAC (exp. Issue ratings of A2 / A+ by Moody’s & S&P), guaranteed by Electricity Supply Board, brought their anticipated €500m (wng), inaugural EuGB, Reg S, bearer, fixed rate, senior unsecured Long 10yr (29th January 2037). IPTs on the trade were in the area of MS+125. Books were over €2.75bn+ (pre-rec). Guidance came in at MS+95 area (+/- 3 WPIR). Books were in excess of €2.5bn (pre-rec) at the tight end of guidance & the deal launched at MS+92. Final books were €2.2bn.
  • While ESB Finance DAC is owned by Electricity Supply Board (ESB), a state-owned commercial electric utility in Ireland, it trades as a corporate rather than an SSA. Today’s deal is the inaugural European Green Bond offering from ESB. ESB Finance DAC hasn’t tapped the public € markets since 2023, when it last priced a dual-tranche on September the 26th. That trade was made up of a €500m 5yr at MS+70; 22.5bps tighter than IPTs with a €1.15bn book; & a €500m12yr at MS+100; 32.5bps tighter than IPTs from a €1.6bn book.
• Telefonaktiebolaget LM Ericsson (exp. Issue rating of BBB- by S&P), brought their expected long 6yr, €500m (wng), RegS Bearer, senior unsecured, Green Bond. IPTs on the trade were in the area of MS+140. Books were above €2.85bn (pre-rec). Guidance came in at MS+110 area. Books were above €3bn (pre-rec, good at guidance) & spread set at MS+105. Final books were over €2.75bn.
  • This is their first public offering since November 2023, when they priced a €500m 4.5yr at MS+235; 30bps tighter than IPTs from a €1.65bn book. This was their debut green bond, like today’s deal.
• Sysco Holdings Corporation & Sysco Corporation (exp. Issue ratings of Ba1 / BB+ / BB+ by Moody's, S&P & Fitch), brought their anticipated € tranche which was mandated back on the 18th of September. The €, SEC Registered, junior subordinated 30NC6 tranche came with IPTs in the 6.5% area. The deal launched for €1bn at 6.0% (ann yield - pre-rec & good at guidance). Final books were over €2.8bn.
  • This € tranche is part of a broader M&A financing which also included US$’s & CAN$. The fund raise is to help finance the acquisition of Jetro Restaurant Depot (JDR) which Sysco agreed to buy in March for c.$29.1bn. This € tranche is a small piece of a larger c.$21bn hybrid debt offering to fund the purchase alongside cash & various equity linked instruments.

• KBC Bank NV (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) announced a dual tranche Covered Bond. The 3yr was announced as a € benchmark with guidance in the area of MS+17; while a 7yr was sized at €500m (wng) with guidance in the area of MS+34. Combined books were over €1.7bn, evenly split (inc. €375m JLMs). Size set at €500m for the 3yr & €500m for the 7yr. Spreads set at MS+13 & MS+30 respectively. Final books were over €825 on each tranche (inc. €225m & €150m JLMs, respectively).
  • KBC Bank's last covered offering was on the 1st of April when it priced a €750m 5yr at MS+23; 5bps tighter than guidance from a book of €1.15bn.
• Banco Bilbao Vizcaya Argentaria, S.A. (exp. Issue rating of A2 / A+ / A by Moody’s, S&P & Fitch) was first to announce, with a 7yr Green Senior Preferred offering with IPTs in the area of MS+100. Books first called over €2bn. Books were over €2.7bn (pre-rec). Final spread set at MS+75 & the trade sized at €1.25bn. Final books held at over €2.7bn
  • While a prolific borrower, this is the first senior preferred offering in €’s from BBVA since May 2024, when it issued a dual tranche fixed & floating trade. A €1bn 3yr at 3mth €+45 & a €750m, 6yr priced at MS+75.
• Crédit Agricole Assurances SA (exp. Issue rating of BBB+ by S&P) announced a long 12yr (17th Dec 2038), €750m (max), subordinated Tier 2 bullet issue with IPTs of MS+185 to +190. Books were first called at over €1bn, rising to over €1.5b when the deal launched for €750m at MS+170. The deal launched for €750m at MS+170, when books were above €1.3bn (pre-rec). Final books were in excess of €1.15bn at re-offer.
  • This is their first Tier 2 offering since the 8th of January, when they priced a €750m, 11yr trade at MS+132; 30.5bps tighter than IPTs from a book of €2.45bn. Prior to that was another Tier 2 on the 3rd of September 2024. This was a €750m 10yr which priced at MS+200; 35bps tighter than IPTs from a €3.4bn book.
• BAWAG Group AG (exp. Issue rating of A3 by Moody's), brought their anticipated €500m (wng), 5NC4 Green Senior RegS Bearer transaction. IPTs on the offering were in the area of MS+115. Books were first called above €1bn (exc. JLMs). The deal launched for €500m at MS+85 when books were above €2.1bn (exc. JLMs). Final books were above €1.6bn.
  • It has been well over a decade (2014) since BAWAG issued a senior unsecured public € bond. Firstly, Moody’s just assigned their new A3 rating to the Holding company on the 27th of August. Be mindful that BAWAG bought Ireland's Permanent TSB for €1.62bn in April & stated it would fund the acquisition by, amongst other things, cutting its dividend.
• Nationwide Building Society (exp. Issue ratings of A3 / BBB+ / A by Moody’s, S&P & Fitch) brought a new € benchmark, 8NC7 Senior Non-Preferred, fixed to floating transaction, with IPTs in the area of MS+125. Books above €1.9bn (exc. JLMs). Books were above €1.35bn (exc. JLMs pre-rec), when the deal launched for €750mn at MS+100. Final books were above €1.1bn (exc. JLMs).
  • Nationwide has issued 2 prior senior non-preferred offerings in 2026, the last being in US$’s on July 6th. The most recent SNP € offering was on January the 27th when they priced a €1bn 5NC4 at MS+65; 30bps tighter than IPTs from a book of €3.5bn; alongside a €1bn 11NC10 at MS+97; 28bps tighter than IPTs from a book of €3.6bn - both were fixed to float structures.  
• Swedbank AB (exp. Issue ratings of A3 / A- / A by Moody’s, S&P & Fitch) brought a €500m (wng), 10NC5 Tier 2 offering with IPTs in the area of MS+135. Books were north of €1.5bn when spread set at MS+108. Final books were c.€1.1bn.
  • Swedbanks last Tier 2 offering was issued on the 12th of August 2025. When that deal was issued it carried credit ratings of rated Baa1 / BBB+ / A. Since then Moody’s upgraded their subordinated rating to A3 (21st April), while S&P also upgraded the credit in September of last year. This €500m, 10NC5 trade from last year priced at MS+118 from a book of €1.1bn.

• The German Federal State of Lower-Saxony (rated AAA by Fitch), having mandated yesterday brought their anticipated 10yr €500m (wng) floating rate Landesschatzanweisung. Guidance on the notes was in the area of 6mth €+21. Spread fixed early at 6mth €+21. Books not disclosed.
  • This is their 4th public offering in the € public markets YTD, yet a rare floating offering, particularly at this maturity. The most recent 10yr offering was a fixed rate tranche of a dual-tranche deal back on the 5th of January. It sized at €1.5bn & priced at MS+26; 3bps tighter than guidance from a large book of €10.3bn.
• Kreditanstalt fuer Wiederaufbau (rated Aaa / AAA / AAA by Moody's, S&P & Scope) & guaranteed by the Federal Republic of Germany, mandated yesterday, brought their €3bn (wng) benchmark tap of its Green 2.625% 15th Nov 2032 line. Guidance on the tap was in the area of MS+7. Books were over €8.6bn (inc. €750m JLMs) when spread set at MS+6. Final books were over €10.9bn (inc. €750m JLMs).
  • The size of the original long 7yr trade was €3bn, with the tap bringing the total outstanding amount to €6bn. The original deal priced at MS+19 from a €16bn book. For context KfW’s last trade in the public € markets was a €5bn 3yr Green offering in mid-August which priced at MS-3; 2bps tighter than guidance from a whopping €26bn book.
• The Republic of Italy (rated Baa2 / BBB+ / BBB+ / AL/BBB+ by Moody's, S&P, Fitch, DBRS & Scope), brought their anticipated 12yr € benchmark Green BTP with a maturity date of 30th October 2038. The transaction came with guidance in the area of BTP 4.05% October 2037’s+11. The orderbook raced to in excess of €90bn at guidance (pre-rec, exc. JLMs). Spread set at BTP 4.05% Oct 2037 +9. Size set at €8bn. Books closed in excess of €112bn (inc. €2.85bn JLMs). 
  • Italy’s last 2 offerings have both been dual tranche affairs; a €18bn on June 9th & a €17.5bn on April 15th. Today’s deal is their first single tranche offering since the 3rd of February when they priced a €14bn 15yr at BTPs+8; 2bps tighter than guidance from an astoundingly large book of €157bn. Italy’s last green offering was back in January as part of a €20bn dual tranche trade.
• Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) (rated AAA / AAA by S&P & Fitch), the Dutch Development Bank (NEDFIN), brought their anticipated €500m (wng) Green RegS 5yr. Guidance on the notes was in the area of MS+8. Books first announced in excess of €1.6bn (inc. €75m JLMs). Spread revised to MS+7 area. Spread set at MS+5 when books were in excess of €2.6bn (inc. €75m JLMs). Books closed in excess of €2.5bn (inc. €75m JLMs). 
  • FMO’s last 5yr offering was also the last time it issued in the public € markets. Almost exactly a year ago, on the 24th of September 2025, it priced a €500m 5yr (their inaugural Social Bond) at MS+18; 4bps tighter than guidance.
• SNCF SA (rated A1 / A / A+ by Moody's, S&P & Fitch), announced the expected €500m (wng) TAP of their outstanding 3.875% February 2036 Green Bond. Guidance on the notes was OAT (mid) 3.5% 25th November 2035 +22 area (Equiv. to MS+111.4). Books were in excess of €930m (inc. €50m JLMs) when spread set at OAT 3.5% 25th November 2035’s +19. Books closed in excess of €890m (inc. €50m JLMs).
  • This is SNCF’s 2nd public € offering YTD, the last also being a green bond. This €500m 10yr priced at OAT’s +19; 3bps tighter than guidance from a book of €1.6bn. For context SNCF issued twice in 2025 (7 & 10yr) for a collective €1.1bn.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Hiscox Ltd (exp. Issue rating of BBB+ by S&P), having mandated yesterday, brought their £ benchmark 5yr fixed rate senior unsecured transaction.IPTs on the notes were in the area of UKT+130. Books were over £700m. The trade launched for £300m at UKT+115. Final book was over £590m.
  • Today’s deal runs in tandem with a tender offer for its outstanding £250m 6.0%. Senior Unsecured Notes due 2027 at G+45 bps, equivalent to the Make-Whole Redemption margin. The bonds being tendered were the last Sterling bonds issued by Hiscox almost exactly 4yrs ago. For context Hiscox was last in the public markets with a US$500m 11NC10 Tier 2 offering which they priced at 7.0%; 50bps tighter than IPTs from a €2.5bn book.
• Bupa Finance plc (exp. Issue ratings of Baa1/ BBB by Moody’s & Fitch), announced a £300m 12yr (29th September 2038) Tier 2 offering. IPTs on the trade were in the area of UKT 3.75% due 29th January 2038 +195. Guidance came in at G+170 area (+/- 5 WPIR) when books were over £2.25bn. The deal launched for £300m at G+165 from a book of £2.75bn.
  • Bupa’s last foray into the public Sterling markets was also a Tier2 trade, when it priced a £400m 20yr at UKT+170; 15bps tighter than IPTs from a book of €3.2bn. Ratings haven’t changed since then.
• Nuveen, LLC (rated Baa1 / A by Moody’s & S&P), brought their anticipated senior unsecured, £ benchmark, 144A/Reg S senior unsecured 5yr. IPTs were in the area of UKT+145. Books were over £1.55bn & the deal launched for £550m at mid Gilts +125. Books were over £1.40bn at final terms.
  • Nuveen is a subsidiary of TIAA (Teachers Insurance & Annuity Association of America) &  normally only issue in US$’s. This sterling tranche is part of a broader financing including US$, 144A/Reg S senior unsecured notes at 3yr, 5yr & 10yrs. This is all M&A related to fund the proposed £9.9bn acquisition of Schroders plc. The deal is expected to conclude on October 1st. At first glance it does not appear that this 5yr issue has an SMR clause (Special Mandatory Redemption).

• Council of Europe (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, S&P & Fitch), announced a £300m, 3yr senior unsecured FRN with guidance of SONIA MS+26 area. Books were above £500m & the trade priced at SONIA MS+25.
  • Opportunistic FRN’s from CofE are not common. Their last public £ print was back on January the 5th when they priced a £750m, 3yr Social Bond at MS+35; 1bp tighter than guidance from a book of £3.2bn.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• No issues

Week-to-date volumes:

US$ Reg S (today)

• No issues

Pending Deals & Mandates

Euro (€)

22nd September: Bayer Aktiengesellschaft (exp. Issue ratings of Baa3 / BB+ / BB+ by Moody’s, S&P & Fitch) mandated BofA Securities & Deutsche Bank as Global Coordinators & BNP Paribas, BofA Securities, Citigroup, Crédit Agricole CIB, Deutsche Bank & HSBC as Active Bookrunners to arrange a series of fixed income investor calls on the 22nd of September. A € benchmark dual-tranche RegS Bearer offering consisting of 30NC6 & 30NC9 hybrid notes will follow, subject to market conditions.

• 21st September: Evangelische Bank eG (exp. Issue rating of AAA by S&P), mandated Commerzbank, DZ Bank & NordLB as Joint Lead Managers for its upcoming €250m (wng) sub-benchmark inaugural Mortgage Covered Bond (Hypothekenpfandbrief) with a 5 to 7yr maturity. The deal is expected to be launched in the near future, subject to market conditions.
• 21st September: Banque et Caisse d’Epargne de l’Etat, Luxembourg (exp. Issue rating of Aaa by Moody’s), mandated Belfius as Global Coordinator & Belfius, Deutsche Bank, LBBW & Natixis as Joint Lead Managers to arrange a series of fixed income investor meetings & calls commencing on the 28th of September. BCEE is also available for meetings at the European Covered Bond Congress in Seville. An inaugural 7yr Green €500m (wng) Covered Bond transaction is expected to follow in the near future, subject to market conditions. European Covered Bond (Premium), ECBC Covered Bond label compliant, RegS bearer.
• 21st September: Fairstone Bank of Canada (exp. Issue ratings of Aa1 / AA by Moody’s & DBRS), mandated RBC Capital Markets as Arranger & Sole Structuring Advisor, & BMO Capital Markets, DZ Bank, LBBW, Natixis & RBC Capital Markets as Joint Active Bookrunners for an inaugural 3yr € benchmark soft-bullet Covered Bond. The Covered Bonds are backed by Canadian residential mortgages. This is the borrower's debut covered bond.

• 16th September: Watercare Services Limited (exp. Issue rating of Aa3 by Moody’s), mandated Citi, HSBC, MUFG & Société Générale as Joint Lead Managers to arrange a series of fixed income investor meetings commencing on 17th of September. Citi is coordinating logistics for Amsterdam, Frankfurt & London, Société Générale is coordinating logistics for Paris. An inaugural 7yr € benchmark, fixed rate, senior secured Reg S transaction may follow, subject to market conditions. 

Transaction Details

PRICED: Federal State of Lower Saxony €500m 10yr Sr Unsec; 6mE+21bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: 6mE+21bp / 99.914

Launched: 10yr: €500m @ 6mE+21bp
Spread set at: 10yr: 6mE+21bp
Guidance: 10yr: 6mE+21a

• Issuer: Federal State of Lower Saxony (Land Niedersachsen)
• Ticker: NIESA Govt
• Format: Landesschatzanweisung (LCR 1, RW 0%) Unsecured / Reg S / Bearer
• Issuer Rating: AAA (Fitch)
• Settlement: 29-Sep-26 (T+5)
• Maturity: 29-Sep-36
• Coupon: 6mE +20 bps, semi annual, act/360 (mod. following, adjusted)
• Interest Pay Dates: Interest payments on 29-Mar & 29-Sep each year, subject to adjustment in accordance with the Business Day. First coupon on 29-Mar-27.
• Reoffer/DM: 99.914%, 6mE+21 bps
• Size: €500m
• Denoms/List/Law: €1k+1k/Hannover/German Law
• ISIN/WKN/Series: DE000A5GS3X8/A5GS3X/596
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• JLMs: BayernLB(B&D), DekaBank, DZ Bank and Nord/LB
• Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFID II
• Timing: PRICED, TOE 11:54 CET, FTT 12.05 CET

PRICED: Council of Europe Development Bank £300m 3yr Sr Unsec; DM+25bp

IGC European Market: Deal Flow - SSA

Reoffer: 3yr: DM+25bp / 100

Tranche 1 (3yr): Peak book above £500m (excl. JLM interest)

Launched: 3yr: £300m @ DM+25bp - Books above £500m (excl. JLM interest)

• Issuer: Council of Europe Development Bank
• Ticker: COE
• Ratings: Aaa / AAA / AAA (Moody's / S&P / Fitch - all stable)
• Format: Senior, Unsecured, Reg S Bearer
• Size: £300m
• Settlement: 29-Sep-26 (T+5)
• Maturity: 28-Sep-29
• Coupon: FRN, SONIA+25bps, Quarterly, Act/365F, short first
• SONIA Convention: SONIA Index where SONIA Index Start and SONIA Index End will be 5 days prior to Interest Periods Start/End
• Reoffer price: 100% / par
• Denominations: £1k+£1k
• Docs: Issuer’s MTN Programme
• Listing: Luxembourg Stock Exchange’s Regulated Market & London Stock Exchange
• Law: English Law
• Bookrunners: Morgan Stanley, NatWest, RBC Capital Markets (B&D)
• Target Market: Professional & Eligible Counterparties (EU MIFID II/UK MIFIR)
• ISIN: XS3519615119
• Timing: PRICED. TOE 11:36 UKT. FTT immediately

PRICED: KfW €3bn Long 6yr Green Sr Unsec Tap; MS+6bp

IGC European Market: Deal Flow - SSA

Reoffer: Long 6yr: MS+6bp / 95.374 / 3.475%

Benchmark: DBR 1.7 15-Aug-32 @ 91.76 / B+21.5bp / HR 105%

Tranche 1 (Long 6yr): Final books > €10.9bn (incl. €750m JLM)

Launched: Long 6yr: €3bn @ MS+6bp - Books > €8.6bn (incl. €750m JLM)

Spread set at: Long 6yr: MS+6bp

Guidance: Long 6yr: MS+7a

• Issuer: Kreditanstalt fuer Wiederaufbau (KfW)
• Issuer LEI: 549300GDPG70E3MBBU98
• Guarantor: Federal Republic of Germany
• Status: Senior, Unsecured, Unsubordinated
• Rating: Aaa/AAA/AAA (Moody's/S&P/Scope - all stable)
• ESG Ratings: Prime, C+ (ISS-ESG), AAA (MSCI ESG Issuer Rating)
• Format: Reg S, Bearer, TEFRA C applicable
• Tap Size: €3bn
• New O/S: €6bn
• Maturity: 15-Nov-32
• Settlement: 29-Sep-26 (T+5)
• Coupon: 2.625%, Annual, Act/Act (318 days accrued)
• Reoffer: MS+6bp / 95.374 / 3.475%
• Benchmark: DBR 1.7 15-Aug-32 @ 91.76 / B+21.5bp / HR 105%
• Listing: Luxembourg
• Governing Law: German Law
• Denoms: 1K x 1K
• Docs: Issuer's EMTN Programme
• Bookrunners: BNP Paribas / Citi (DM/B&D) / Nomura / UBS
• Fees: 0.125%
• ISIN/WKN: XS3166721913 / A38J5V
• Timing: PRICED. TOE 12:44 UK. FTT Immediately
• UoP: KfW will use an amount equal to the bond proceeds to finance new Eligible Green Projects according to the Green Bonds, Made by KfW framework, which has received a Second Opinion by Morningstar Sustainalytics
• Further Info: Framework, Second Party Opinion and Investor Presentation available onhttps://www.kfw.de/green-bonds

PRICED: SNCF SA €500m Long 9yr Sr Unsec; OAT+19bp

IGC European Market: Deal Flow - SSA

Reoffer: Long 9yr: OAT+19bp / 94.838 / 4.562%

Benchmark: FRTR 3.5 25-Nov-35 @ 93.515 / 4.372%

Tranche 1 (Long 9yr): Final Books in excess of €890m. Peak book in excess of €930m (incl. €50m JLM)

Launched: Long 9yr: €500m @ OAT+19bp - Books in excess of €930m (incl. €50m JLM)

Guidance: Long 9yr: OAT+22a

• Issuer: SNCF SA
• Ticker: SNCF Govt
• LEI: 969500A4MXJ3ESPHK698
• Rating: A1/A/A+ (Moody's/S&P/Fitch)
• Format: Senior Unsecured, Reg S Bearer dematerialised form (TEFRA not applicable)
• Current O/S: €500m
• Tap Size: €500m
• New O/S: €1bn
• Coupon: 3.875% Fixed Annual, Act/Act (ICMA), Short first
• Settlement: 29-Sep-26 (T+5)
• Maturity: 17-Feb-36
• Spread: MID OAT 3.50% 25-Nov-35 (@ 93.515 / 4.372%) + 19bps
• Reoffer price/yield: 94.838 / 4.562%
• Law/List/Denoms: French / Euronext Paris / 100k+100k
• Bookrunners: Barclays / BofA Securities (B&D/DM) / J.P. Morgan / La Banque Postale / Societe Generale
• Target Market: The manufacturer target markets (EU MiFID II/UK MiFIR product governance) as assessed by the lead managers are professional & eligible counterparties (all distribution channels)
• Fees: The bookrunners will be paid a fee in connection to the transaction (EU MiFID / UK MiFIR)
• UoP: To finance Green eligible investments in line with SNCF SA's Green Securities framework
• ISIN: FR0014017XI3 (immediately fungible)
• Timing: TOE: 13:47 CET / FTT immediately
• Hedge Deadline: 13.25 CET / 12.25 UKT

PRICED: KBC Bank NV €1bn 3yr & 7yr CB; MS+13bp & MS+30bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+13bp / 99.781 / 3.578% 7yr: MS+30bp / 99.363 / 3.73%
Benchmark: 3yr: OBL 2.5 Oct-29 @ 97.98 / B+37.2bp / HR 99% 7yr: DBR 2.6 Aug-33 @ 95.616 / B+40.8bp / HR 102%

3yr: Final Books > €825m (incl. €225m JLM). Peak book > €850m
7yr: Final Books > €825m (incl. €150m JLM). Peak book > €850m

Launched:
3yr: €500m @ MS+13bp - Combined books > €1.7bn evenly split (incl. €375m JLMs)
7yr: €500m @ MS+30bp - Combined books > €1.7bn evenly split (incl. €375m JLMs)
Guidance: 3yr: MS+17a 7yr: MS+34a

• Issuer: KBC Bank NV
• LEI Issuer: 6B2PBRV1FCJDMR45RZ53
• Issuer Ratings: A+/A1/A+ (S&P/Moody's/Fitch)
• Expected Issue Ratings: Aaa (stable) by Moody's and AAA (stable) by Fitch
• Format: Belgian Covered Bonds (Belgische pandbrieven/lettres de gage belges) / European covered bonds (premium)
• Maturity Date:
  • 3yr: 1-Oct-29 (soft bullet)
  • 7yr: 29-Sep-33 (soft bullet)
• Extended Maturity Date:
  • 3yr: 1-Oct-30
  • 7yr: 29-Sep-34
• First Coupon Date:
  • 3yr: 1-Oct-27
  • 7yr: 29-Sep-27
• Size:
  • 3yr: €500m
  • 7yr: €500m
• Reoffer-px/yld/sprd:
  • 3yr: 99.781 / 3.578% / MS+13bp
  • 7yr: 99.363 / 3.73% / MS+30bp
• Coupon:
  • 3yr: 3.5% Fixed rate, annual, Act/Act (ICMA)
  • 7yr: 3.625% Fixed rate, annual, Act/Act (ICMA)
• Benchmark:
  • 3yr: OBL 2.5 Oct-29 +37.2bp (cash price 97.98) / HR 99%
  • 7yr: DBR 2.6 Aug-33 +40.8bp (cash price 95.616) / HR 102%
• Settlement: 29-Sep-26 (T+5)
• ISIN:
  • 3yr: BE0390380526
  • 7yr: BE0390379510
• Timing: Priced / TOE: 13:56 CET / 12:56 UKT FTT: 14:45 CET / 13:45 UKT
• Form of Notes: Dematerialised Covered Bonds
• Denominations: €100,000 + €100,000
• MiFID Target Market: Eligible counterparties and professional investors only (all distribution channels)
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Listing: Euronext Brussels
• Documentation: Issuer's Euro 17,500,000,000 Residential Mortgage Covered Bonds Programme
• Governing Law: Belgian law
• Joint Bookrunners: BayernLB / DZ Bank / Erste Group / ING / KBC Bank / Natixis / Santander (B&D) / UBS
• Advertisement: The Base Prospectus, any supplements thereto, and the Final Terms used herein have the meaning as given to them in the Terms and Conditions applicable to the Covered Bonds as included in the Base Prospectus dated 29-Jun-26 for the KBC Residential Mortgage Covered Bonds Programme. Terms (when published) are available at https://www.kbc.com/nl/investor-relations/schulduitgiften/kbc-bank/kbc-bank-residential-mortgage-covered-bonds-programme.html

Covered
3yr (Sep 2029) @ MS+17a
Implied Spread for fresh 3yr @ MS+13
Priced at MS+13
NIC of 0

Covered
7yr (Sep 2034) @ MS+34a
Implied Spread for fresh 7yr @ MS+29
Priced at MS+30
NIC of +1

PRICED: Nuveen £550m 5yr Sr Unsec; G+125bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: G+125bp / 100.00 / 6.052% / 114% hr

Benchmark: 5yr: UKT 0.250% 31-Jul-31

Final Books: Books over £1.40bn at Final Terms. Peak book over £1.55bn

Launched: 5yr: £550m @ G+125bp - Books over £1.55bn

IPTs: 5yr: UKT+145a

• Issuer: Nuveen, LLC (“TIAAGL”)
• LEI: 254900QRUA8YY8I7VT73
• Expected Ratings: Baa1/A (Moody's/S&P)
• Format: 144A / Reg S
• Ranking: Senior Unsecured
• Tenor: 5-year
• Size: £550m
• Reoffer: 100.00 / 6.052% ann / Gilts+125bp / 114% hr
• Benchmark: UKT 0.250% 31-Jul-31
• Coupon Type: 6.052% Fixed, Annual, ACT/ACT (ICMA)
• Settlement Date: 25-Sep-26 (T+3)
• Maturity Date: 25-Sep-31
• Optional Redemption: 1-month par call, MWC
• Global Coordinator: BNPP
• Bookrunners: BNPP (B&D), BofA, JPM
• Use of Proceeds: Nuveen intends to use the net proceeds from the issuance of the Notes for general corporate purposes, which may include, among other things, to fund a portion of the cash consideration for the Acquisition and pay fees and expenses related to the Acquisition and to this offering
• Denominations: £100,000 x £1,000
• Marketing: Link:https://dealroadshow.finsight.com| Entry Code: NUVEEN2026 Direct Link:https://dealroadshow.finsight.com/e/NUVEEN2026
• Expected Listing: The International Stock Exchange (TISE)
• Governing Law: State of New York
• Target Market: MiFID II/UK MiFIR Eligible counterparties and professional clients only (all distribution channels). No sales to EEA or UK retail. No EU PRIIPs or UK CCI product summary will be prepared.
• Sale into Canada: Yes – Pursuant to Exemption
• ISIN: 144a: XS3520575500. Reg S: XS3520575096
• Common Code: 144a: 352057550. Reg S: 352057509
• Timing: TOE: 13:22, FTT 13:45

PRICED: Republic of Italy €8bn 12yr Green Sr Unsec; BTP+9bp

IGC European Market: Deal Flow - SSA

Reoffer: 12yr: BTP+9bp / 99.591 / 4.492%
Benchmark: 12yr: BTP 4.05% Oct-37 @ 97.34 / BTP+9bp / HR 108%

12yr: Final Books in excess of €112bn (incl. €2.85bn JLM interest)

Launched: 12yr: €8bn @ BTP+9bp - Orderbook closed in excess of €112bn (incl. €2.85bn JLM interest)
Spread set at: 12yr: BTP+9bp - Orderbook in excess of €90bn at guidance pre-rec (excl. JLM interest)
Guidance: 12yr: BTP+11a

• Issuer: Republic of Italy
• Ratings: Baa2/BBB+/BBB+/AL/BBB+ (stab/pos/stab/stab/pos) by Moody's/S&P/Fitch/DBRS/Scope
• Format: Buoni del Tesoro Poliennali (Reg S in dematerialised book entry form), 144A eligible, CACs
• Size: €8bn
• Maturity: 30-Oct-38 (12yr)
• Settlement: 29-Sep-26 (T+5)
• Coupon: 4.40%, S/A ACT/ACT. Short first on 30-Oct-26
• BTP ref: BTP 4.05% Oct-37 (Spot: / 97.34% / 4.402/ HR = 108)
• Reoffer spread: BTP 4.05% Oct-37 + 9 bps
• Reoffer price: 99.591%
• Reoffer yield: 4.492%
• ISIN: IT0005733099
• Listing: Borsa Italiana S.p.A. (M.O.T.) (Regulated Market), also trading on MTS
• Denoms: €1k + €1k
• Law: Italian Law
• Docs: Domestic, Standalone
• Use of Proceeds: The proceeds will be used in accordance with Italy’s Framework for the Issuance of Sovereign Green Bonds (https://www.dt.mef.gov.it/en/debito_pubblico/titoli_di_stato/quali_sono_titoli/btp_green/)
• Target Market: The target market (MIFID II and UK MIFIR product governance) is eligible counterparties, professional and retail (all distribution channels)
• Joint Lead Managers: Barclays, BNP Paribas, Deutsche Bank (DM/B&D), IMI-Intesa Sanpaolo, J.P. Morgan and Société Générale
• Timing: Priced. TOE 1.26 UKT / 2.26 CET / FTT Immediately

PRICED: Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) €500m 5yr Sr Unsec; MS+5bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+5bp / 99.494 / 3.487%
Benchmark: 5yr: OBL 2.9 10-Aug-31 #194 @ 98.310 / B+22.2bp

Final Books: In excess of €2.5bn (incl. €75m JLM interest). Peak book in excess of €2.6bn (incl. €75m JLM interest)
Launched: 5yr: €500m @ MS+5bp - Books in excess of €2.6bn (incl. €75m JLM interest)
Spread set at: 5yr: MS+7a - Books in excess of €1.6bn (incl. €75m JLM interest)
Guidance: 5yr: MS+8a

• Issuer: Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) (ticker: "NEDFIN")
• Issuer Ratings: AAA/AAA (all stable) (S&P/Fitch)
• ESG Ratings: ISS ESG (Prime)
• Size: €500m
• Status/Format: Senior unsecured / Reg S Bearer / New Global Note
• Coupon: 3.375%, Annual, ACT/ACT
• Settlement: 29-Sep-26 (T+5)
• Maturity: 29-Sep-31
• Re-offer: MS+5bp / 99.494 / 3.487%
• OBL Ref: +22.2bp vs OBL 2.9 10-Aug-31 #194 @ 98.310 / 3.265% (HR 99%)
• Docs: EMTN Programme
• Listing: Luxembourg
• Gov Law: Dutch
• Denoms: 100k+100k
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• ISIN: XS3519771672
• LEI: XTC5E2QFTEF0435JWL77
• Target Market: Eligible counterparties and professional investors, each as defined in MiFID II/UK MIFIR (all channels for distribution)
• Joint Bookrunners: BofA / ING / JPM (B&D/DM) / Rabobank
• Timing: Priced. ToE 13:48 UKT / 14:48 CET. FTT immediately
• UoP: The bond proceeds are reserved for financing Green Projects according to the FMO Sustainability Bonds framework
• Sustainability Bond Framework: https://www.fmo.nl/sustainability-bonds-framework
• Investor Presentation: https://www.fmo.nl/invest-with-us/funding

PRICED: Swedbank AB (publ) €500m 10NC5 Sub; MS+108bp

IGC European Market: Deal Flow - General

Reoffer: 10NC5: MS+108bp / 99.956 / 4.51%
Benchmark: 10NC5: OBL 2.9 10-Aug-31 #194 @ 98.33 / B+124.9bp / HR 97%

10NC5: Final Books ~€1.1bn. Peak book north of €1.5bn

Spread set at: 10NC5: MS+108bp - Books north of €1.5bn
IPTs: 10NC5: MS+135a

• Issuer: Swedbank AB (publ)
• LEI: M312WZV08Y7LYUC71685
• Issuer Rating: Aa2 / AA- / AA+ (Moody’s / S&P / Fitch)
• Exp. Issue Ratings: A3 / A- / A (Moody’s / S&P / Fitch)
• Format: Reg S Bearer Notes evidenced by a Temporary Global Note exchangeable for a Permanent Global Note. TEFRA D Rules apply, no communications with or into the US or Canada (excluding Ontario)
• Status: Subordinated Notes
• Issue Size: €500m
• Reoffer: MS+108bps / 4.51% / 99.956
• Benchmark: +124.9bps vs OBL 2.9 10-Aug-31 #194 (px 98.33). HR 97%
• Settlement: 29-Sep-26 (T+5)
• Maturity: 29-Sep-36
• Issuer Call: Issuer may redeem all (but not some only) of the Notes at par on the Optional Redemption Date, subject to the Relevant Regulator’s consent
• Optional Redemption Date: 29-Sep-31
• First Reset Date: 29-Sep-31
• Coupon: 4.5% per annum, resetting on the First Reset Date to the prevailing 5-year € Mid Swap Rate and the First Margin
• Interest Payment Dates: 29 September in each year, commencing on 29-Sep-27 up to (and including) the Maturity Date
• Waiver of Set-off: No Holder of Notes who in the event of the liquidation or bankruptcy of the Issuer shall be indebted to the Issuer shall be entitled to exercise any right of set-off or counterclaim against moneys owed by the Issuer in respect of the Notes held by such Holder
• Early Redemption: Upon the occurrence of a Tax Event, Withholding Tax Event or Capital Event the Issuer may redeem all (but not some only) of the Notes at Par, as further defined and outlined in the Base Prospectus, subject to the Relevant Regulator’s consent
• Substitution and Variation: If at any time a Capital Event, a Withholding Tax Event or a Tax Event has occurred and is continuing, or in order to ensure the effectiveness and enforceability of the Swedish Statutory Loss Absorption Powers, the Issuer may, subject to the Conditions to Redemption, Purchase, Substitution and Variation, either substitute all (but not some only) or vary the terms of the Notes such that they remain, or as appropriate, become, Subordinated Qualifying Securities
• Denominations: €100,000 + €1,000 increments
• Day Count Fraction: Annual Act/Act (ICMA)
• Listing: Euronext Dublin (Regulated market)
• Governing Law: English law, save for Condition 3 (Status) which shall be governed by, and construed in accordance with, Swedish law
• Business Days: T2
• Clearing: Euroclear / Clearstream
• Docs: Issued under the Swedbank AB (publ) GMTN Programme Base Prospectus dated 13-May-26
• Acknowledgment of Swedish Statutory Loss Absorption Powers: Each Holder acknowledges and accepts that any liability arising under the Notes may be subject to the exercise of the Swedish Statutory Loss Absorption Powers by the Relevant Resolution Authority
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in connection with the transaction
• MIFID II / UK MIFIR Target Market: MiFID II and UK MiFIR professionals/ECPs-only / No EEA PRIIPs KID or DISC disclosure document – Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (“KID”) or disclosure document required by the FCA Product Disclosure Sourcebook (“DISC”) has been prepared as the Notes are not deemed within scope / not available to retail in the EEA or the United Kingdom
• Selling Restrictions: Per the Base Prospectus
• Base Prospectus: The Base Prospectus and the supplement are available and the Final Terms, when published, will be available on the website of Euronext Dublin: https://live.euronext.com/en/product/bonds-detail/25222/documents
• ISIN / Common Code: XS3506185894 / 350618589
• Bookrunners: BNP Paribas (B&D), Goldman Sachs Bank Europe SE, J.P. Morgan, Swedbank, UBS
• Timing: TOE: 14:04 UKT / FTT 14:20 UKT

PRICED: BAWAG Group AG €500m 5NC4 Sr Unsec; MS+85bp

IGC European Market: Deal Flow - General

Reoffer: 5NC4: MS+85bp / 99.849 / 4.292%
Benchmark: 5NC4: OBL 2.2 10/30 #192 @ 96.11 / B+105.1bp / HR: 99%

Tranche 1 (5NC4): Final Books above €1.6bn. Peak book above €2.1bn excl. JLM

Launched: 5NC4: €500m @ MS+85bp - Books above €2.1bn excl. JLM
Book Update: Books above €1bn (excl. JLM)
IPTs: 5NC4: MS+115a

• Issuer: BAWAG Group AG
• Issuer LEI: 529900S9YO2JHTIIDG38
• Issuer Ratings: A3(Positive) by Moody's
• Expected Issue Ratings: A3 by Moody's
• Status: Green, senior unsecured and unsubordinated in eligible liabilities instruments format
• Format: Reg S Bearer Notes, NGN
• Issue Size: €500mn
• Tenor: 5NC4
• Re-Offer: 99.849% / 4.292% yield / MS + 85bps
• Benchmark Spread: OBL 2.2 10/30 #192 + 105.1bps / PX BID: 96.110% / 3.241% / HR: 99%
• Trade Date: 22-Sep-26
• Settlement Date: 29-Sep-26 (T+5)
• Maturity Date: 29-Sep-31
• Optional Redemption Date: 29-Sep-30
• Coupon: 4.250% p.a. from (and including) the Settlement Date to (but excluding) the Optional Redemption Date and thereafter at the rate 3-month Euribor + 85bps (“Margin”) quarterly from (and including) the Optional Redemption Date to (but excluding) the Maturity Date
• Fixed Coupon Payment Dates: 29 September in each year up to and including the Optional Redemption Date, commencing on 29-Sep-27
• Floating Coupon Payment Dates: 29 December, 29 March, 29 June and the Maturity Date, commencing on 29-Dec-30
• Business Days: T2
• Day Count Fraction: Actual/Actual (ICMA) until the Optional Redemption Date; and thereafter Actual/360
• Early Redemption at the Option of the Issuer: In whole or in part, on the Optional Redemption Date, at their principal amount together with accrued interest.
• Early Redemption due to a MREL Disqualification Event: The Issuer may, at the option of the Issuer, upon not more than 60 days' nor less than 30 days' prior notice, redeem the Notes, in whole but not in part, at their principal amount, together with interest (if any) accrued to the date fixed for redemption.
• No Set-off / Netting; No Security / No Guarantee: No Noteholder has at any time a right to set-off his claims under the Notes against any claim the Issuer has or may have against such Noteholder. Neither the Issuer nor any third party may secure the rights under the Notes by providing any form of guarantee or security in favour of the Noteholders. No such guarantee or security may be provided at any later time. No subsequent agreement may limit the subordination pursuant to the terms and conditions or amend the Maturity Date in respect of the Notes to any earlier date or shorten any applicable notice period (Kündigungsfrist).
• Documentation: Issued under the Issuer’s Debt Issuance Programme dated 27-Mar-26 (the “Base Prospectus”) and as supplemented on 21-Apr-26 and 15-Sep-26
• Use of Proceeds: An amount equal to the net proceeds of the bond will be used to finance or refinance, in whole or in part, eligible green projects meeting the eligibility green criteria of the Issuer, in accordance with the issuer’s Sustainable Finance Framework, dated Aug-25.
• Listing: Luxembourg Stock Exchange
• Clearing: Euroclear/Clearstream, Luxembourg
• Governing Law: German law except for conditions relating to the status which will be governed by Austrian law
• Selling Restrictions: Reg S, TEFRA D as set forth in the Base Prospectus
• Target Market: Manufacturer target market (MIFID II and UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs Key Information Document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or the UK.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus is, and the Final Terms when published will be, available at: https://www.luxse.com/programme/Programme-BAWAGPSK/13707
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the Notes
• Global Coordinator: Citi
• Joint Bookrunners: Barclays (B&D), BofA Securities, Citi, Erste Group, UBS Investment Bank
• Denominations: €100k + 100k
• ISIN: XS3517373109
• Timing: Priced - TOE 15.27 CET / 14.27 UKT - FTT 15:50 CET / 14:50 UKT

Green
NC4yr (Sep 2030) @ MS+115a
Implied Spread for fresh NC4yr @ MS+90
Priced at MS+85
NIC of -5

PRICED: Hiscox Ltd £300m 5yr Sr Unsec; UKT+115bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: UKT+115bp / 99.684 / 5.950%
Benchmark: 5yr: UKT 0.250% 31-Jul-31 @ 80.833 mid / 80.823 bid, HR 114%

Tranche 1 (5yr Fixed): Final Books >£590m. Peak book >£700m

Launched: 5yr: £300m @ G+115bp - Book >£700m
Book update: Books >£700m
IPTs: 5yr: UKT+130a

• Issuer: Hiscox Ltd (Ticker: HSXLN)
• Issuer LEI: 5493007JXOLJ0QCY2D70
• Expected Issue Rating: BBB+ (S&P)
• Instrument: Fixed Rate Senior Unsecured Notes (the “Notes”)
• Status: Direct, unsubordinated and (subject to the negative pledge) unsecured obligations of the Issuer
• Format: Reg S Registered
• Settlement / Issue Date: 01-Oct-26 (T+7)
• First Par Call Date: 01-Jul-31
• Maturity Date: 01-Oct-31
• Size: £300m
• Reoffer: UKT+115 / 99.684 / 5.864% s/a / 5.950% ann
• Reference Benchmark: UKT 0.250% 31-Jul-31 @ 80.833 mid / 80.823 bid, HR 114%
• Coupon: The Notes will bear interest from (and including) the Issue Date to (but excluding) the Maturity Date at the rate of 5.875 per cent. per annum, payable annually in arrear on each Interest Payment Date.
• Interest Payment Dates: 1 October in each year from (and including) 01-Oct-27 up to (and including) the Maturity Date
• Redemption Price: 100%
• Early Par Call: Optional redemption of all (but not some only) of the Notes at any time from (and including) the First Par Call Date to but excluding the Maturity Date. Such optional redemption will be at the principal amount of the Notes, together with accrued and unpaid interest thereon to (but excluding) the date of redemption
• Make Whole Call: Optional redemption of all (but not some only) of the Notes at any time to (but excluding) the First Par Call Date at the Optional Redemption Price
• Clean-up Redemption Option: If, at any time after the Issue Date, 75 per cent. or more of the aggregate principal amount of the Notes originally issued has been purchased by or on behalf of the Issuer or its Subsidiaries and cancelled, then the Issuer may redeem all (but not some only) of the remaining Notes at their principal amount together with accrued and unpaid interest thereon to (but excluding) the date of redemption
• Early / Special Event Redemption: The Issuer may elect to redeem all (but not some only) of the Notes, at their principal amount together with any accrued and unpaid interest thereon to (but excluding) the date of redemption, if a Tax Event has occurred and the Issuer cannot avoid the same by taking measures reasonably available to it
• Documentation: Preliminary Admission Particulars dated 21-Sep-26 and the final Admission Particulars to be prepared
• Denominations: GBP100,000 + GBP1,000
• Listing: London Stock Exchange's International Securities Market
• Governing Law: English law
• Clearing: Euroclear and Clearstream
• Selling Restrictions: The United States (Regulation S, Category 2), Bermuda, Singapore, Switzerland, the UK and the EEA
• MiFID II/ UK MiFIR professionals/ECPs-only/No PRIIPs KID or CCI Product Summary: Manufacturer target market (MiFID II/ UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID)/CCI Product Summary has been prepared as not available to retail in EEA or the UK.
• Advertisement: When published, the final Admission Particulars will be available for viewing on the website of the Issuer at: https://www.hiscoxgroup.com/investors
• Use of Proceeds: The net proceeds from the issue will be used by the Group for general corporate purposes, including the purchase of the Issuer's existing £250 million 6.00 per cent. Notes due 2027 pursuant to the concurrent tender offer.
• ISIN / Common Code: XS3508796417 / 350879641
• Joint Lead Managers: Citi, HSBC (B&D), ING & Lloyds
• Timing: ToE: 14.29ukt / FTT 14.50ukt

PRICED: ESB Finance DAC €500m Long 10yr EuGB Sr Unsec; MS+92bp

IGC European Market: Deal Flow - General

Reoffer: Long 10yr: MS+92bp / 99.857 / 4.395%
Benchmark: Long 10yr: DBR 4 04-Jan-37 @ 104.760 / B+95.4bp

Tranche 1 (Long 10yr): Final book €2.2bn. Peak book €2.75bn+ Pre Rec

Launched: Long 10yr: €500m @ MS+92bp - Books €2.5bn+ Pre Rec at the tight end of guidance
Guidance: Long 10yr: MS+95a (+/- 3bp WPIR) - Books €2.75bn+ Pre Rec
IPTs: Long 10yr: MS+125a

• Issuer: ESB Finance DAC (Ticker: ESBIRE, Country: IE)
• Guarantor: Electricity Supply Board (Country: IE)
• Issuer LEI: 635400VCPRSU89DLMZ57
• Guarantor LEI: 635400UFHDIQCDZ6JK11
• Guarantor Rating: A2 (stable) by Moody’s / A+ (stable) by S&P
• Expected Issue Rating: A2 by Moody’s / A+ by S&P
• Format: EuGB, Senior Unsecured, Bearer, NGN, Temporary Global Note exchangeable for a Permanent Global Note
• Law/Listing: English Law / Euronext Dublin (Global Exchange Market)
• US Selling Restrictions: Reg S, Cat 2; TEFRA D
• Trade Date: 22-Sep-26
• Settlement Date: 29-Sep-26 (T+5)
• Maturity: 29-Jan-37
• Size: €500m
• Reoffer: MS+92bp / 99.857 / 4.395%
• Benchmark: DBR 4 04-Jan-37: 104.760 / 3.441% DBR +95.4
• Coupon: 4.375% Fixed, Annual, ACT/ACT (ICMA), Short First
• Day Count Convention: Following, unadjusted
• ISIN: XS3519772308
• Clearing: Euroclear / Clearstream Luxembourg
• Early Redemption: 3m Par Call, MWC (B+15), Clean-up Call (75%), CoC Put at par
• Docs: Under the Issuer’s EUR 8 billion EMTN Programme Offering Circular dated 28-Aug-26 as supplemented on 18-Sep-26
• Denoms: €100k + €1k
• UoP: The Notes are European Green Bonds and an amount equal to the net proceeds of the issuance of the Notes will be applied by the Issuer to finance or refinance in whole or in part the projects described in the Issuer’s European Green Bond Factsheet (dated 25-Aug-26) incorporated by reference in the Offering Circular and available on the issuer’s website at https://cdn.esb.ie/media/docs/default-source/investor-relations-documents/esb-european-green-bond-factsheet---2026.pdf?sfvrsn=1f6b12cd_1
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No sales to retail in EEA or the United Kingdom. No EU PRIIPs KID or UK DISC disclosure document will be prepared.
• Joint Sustainability Coordinators: BBVA, ING
• Active Bookrunners: BBVA, Goodbody, ING (B&D), MUFG, Societe Generale
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129. The Offering Circular, the Supplement thereto dated 18-Sep-26 are available, and the Final Terms, when published, will be available, at – https://www.ise.ie/Market-Data-Announcements/Debt/
• Marketing: Investor Presentation: https://dealroadshow.finsight.com/e/ESB2026
• TOE / FTT: TOE 14.43 UKT / FTT 15.30 UKT

PRICED: Banco Bilbao Vizcaya Argentaria, S.A. €1.25bn 7yr Green SP; MS+75

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+75bp / 99.684 / 4.178%
Benchmark: 7yr: DBR 2.6% Aug-33 @ 95.6 / B+85.4bp (HR 101%)

Tranche 1 (7yr): Final books > €2.7bn. Peak book over €2.7bn+ (pre-rec)

Launched: 7yr: €1.25bn @ MS+75bp - Books over €2.7bn+ (pre-rec)
Spread set at: 7yr: MS+75bp
Book Update: Books over €2bn
IPTs: 7yr: MS+100a

• Issuer: Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”)
• Legal Entity Identifier (LEI): K8MS7FD7N5Z2WQ51AZ71
• Use of Proceeds: In accordance with BBVA Sustainable Debt Financing Framework, dated December 2024 and available at: https://accionistaseinversores.bbva.com/wp-content/uploads/2025/05/202412-BBVA-Sustainable-Debt-Financing-Framework.pdf. The Framework is supported by the Secondary Party Opinion from DNV
• Issuer Ratings: A2 / A+ / A by Moody’s / S&P / Fitch (stable/stable/stable)
• Expected Issue Ratings: A2 / A+ / A by Moody’s / S&P / Fitch
• Instrument: Senior Preferred Notes, unsecured. Eligible liabilities instruments according to Article 72b CRR
• Format: Reg S, Bearer form, NGN, TEFRA D Rules apply, no communications with or into the US or Canada
• Issue Amount: €1.25bn
• Tenor: 7-year FXD
• Settlement Date: 29-Sep-26 (T+5)
• Maturity Date: 29-Sep-33 (7-year)
• Reoffer/ Benchmark: MS+75bp, 99.684%, 4.178%/ 85.4bp vs 2.6% Aug-33 DBR (HR 101% - px 95.6%)
• Coupon: 4.125%. Fixed, Annual, payable in arrears, Act/Act (ICMA), Following Unadjusted
• Interest Payment Dates: 29 September every year, commencing on 29-Sep-27, up and to the Maturity Date, in accordance with the Following Business Day Convention
• Issuer Residual Call: If, at any time, the outstanding aggregate nominal amount of the Notes is 25 per cent. or less of the aggregate nominal amount of the Series issued, the Notes may be redeemed at the option of the Issuer in whole, but not in part, at the Residual Call Early Redemption Amount together, if appropriate, with interest accrued to (but excluding) the date fixed for redemption in the relevant notice to the Noteholders, subject to compliance with Applicable Banking Regulations then in force, and subject to the prior consent of the Regulator if required. Condition 6(f) applies
• Denomination: €100k+€100k
• Business Day: T2
• Documentation: BBVA’s €40bn Global Medium Term Note Programme dated 17-Jul-26 (the “Base Prospectus”)
• ISIN/CC: XS3520603211 / 352060321
• Listing & Trading: Euronext Dublin’s Regulated Market
• Joint Lead Managers: BBVA (B&D), Danske Bank, ING, Natixis and UBS Investment Bank
• Governing Law: Spanish Law
• Timing: Priced TOE: 15.44CET / FTT: 16.10CET
• Fees: The Joint Lead Managers will be paid a fee in connection to the transaction.
• Target Market: Manufacturer target market (MIFID II/MIFIR UK product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK CCI regime key disclosure document has been prepared as not available to retail in EEA or the UK. The Notes are incompatible with the knowledge, experience, needs, characteristics and objectives of clients which are retail clients.
• Adverstisement: This communication is an advertisement. The Base Prospectus dated 17-Jul-26 is available on: https://shareholdersandinvestors.bbva.com/wp-content/uploads/2026/07/UKEU_AOSHEARMAN-130004878359-v1-BBVA-GMTN-2026-Offering-Circular-Final.pdf and the Final Terms, when published will be available on http://www.ise.ie

Green Senior Preferred
7yr (Sep 2033) @ MS+100a
Implied Spread for fresh 7yr @ MS+69
Priced at MS+75
NIC of +6

PRICED: Crédit Agricole Assurances €750m Long 12yr T2; MS+170bp

IGC European Market: Deal Flow - General

Reoffer: Long 12yr: MS+170bp / 99.329 / 5.203%
Benchmark: Long 12yr: DBR 3 15-Aug-36 @ 96.36 / B+176.4bp

Tranche 1 (Long 12yr): Final book above €1.15bn at reoffer. Peak book in excess of €1.5bn

Launched: Long 12yr: €750m @ MS+170bp - Books above €1.3bn (pre-rec)
Spread set at: Long 12yr: MS+170bp - Books in excess of €1.5bn
Book Update: Books > €1bn
IPTs: Long 12yr: MS+185/190bp

• Issuer: Crédit Agricole Assurances SA (ACAFP)
• Legal Entity Identifier: 969500K2MUPSI57XK083
• Description: € Subordinated Tier 2 Bullet notes due 17-Dec-38
• Issuer Rating: A (S&P)
• Issue Rating (exp.): BBB+ (S&P)
• Status of the Notes: The status of the Tier 2 Notes will be and may evolve as follows:
  The obligations of the Issuer under the Notes in respect of principal, interest and other amounts are direct, unconditional, unsecured and subordinated obligations of the Issuer and rank and will rank pari passu without any preference among themselves and, so long as the Notes constitute (or would constitute but for any applicable limitation on the amount of such capital), fully or partly, Tier 2 Own Funds of the Issuer and/or the Group under the Applicable Supervisory Regulations, with any other Ordinarily Subordinated Obligations, including, to the extent that such other Ordinarily Subordinated Obligations constitute (or would constitute but for any applicable limitation on the amount of such capital), fully or partly, Tier 2 Own Funds of the Issuer and/or the Group under the Applicable Supervisory Regulations (and in particular as the result of the future implementation of the last paragraph of article 38(1) of IRRD under French law) (all defined in “Terms and Conditions of the Tier 2 Notes – Status of the Notes”).
  In certain circumstances, the status of the Notes may change during the life of such Notes as described in Condition 3 – see “Terms and Conditions of the Tier 2 Notes – Status of the Notes – Dynamic ranking upon disqualification as Tier 2 Qualifying Notes”).
• Acknowledgment of potential future Bail-in Power: Applicable
• Nominal Amount: €750m
• Pricing Date: 22-Sep-26
• Settlement Date: 29-Sep-26 (T+5)
• Scheduled Maturity Date: 17-Dec-38, if the Conditions to Redemption and Purchase are satisfied on such date and otherwise as soon as the Conditions to Redemption and Purchase are satisfied
• Issuer’s Call Option: At any time from (and including) 17-Jun-38 to (but excluding) the Scheduled Maturity date
• Reoffer: MS+170bp / 99.329 / 5.203%
• Benchmark: DBR 3 15-Aug-36 @ 96.36 / B+176.4bp
• Interest: Fixed rate of 5.125% payable per annum, payable annually in arrears on 17-Dec in each year, with a short first coupon, subject to the deferral provisions as described in the Note Documentation.
• Day Count Fraction/Business Day Convention: Act/Act ICMA, following, unadjusted
• Use of Proceeds: An amount equal to the net proceeds of the issue of the Notes will be used for general corporate purposes, including financing or refinancing of current indebtedness.
• Mandatory Interest Deferral: On any Mandatory Interest Deferral Date (as defined in the Base Prospectus), the Issuer will (subject as provided below) be obliged, by notice to the Noteholders in accordance with Condition 14 and the Fiscal Agent pursuant to sub-paragraph (iv) below, to defer payment of all (but not some only) of the interest accrued (and, if relevant, any Arrears of Interest) in respect of the Notes to that date, and any such failure to pay shall not constitute a default by the Issuer for any purpose.
  Any interest in respect of the Notes which has not been paid on a Mandatory Interest Deferral Date and deferred in accordance with this paragraph shall so long as the same remains outstanding constitute “Arrears of Interest” and shall be payable as set out below. Noteholders will not receive any additional interest or compensation for the mandatory deferral of payment. In particular, the resulting Arrears of Interest will not bear interest.
• Optional Redemption Rights: At par upon a Capital Disqualification Event, a Gross-Up Event, a Tax Deductibility Even, a Withholding Tax Event or a Rating Methodology Event in each case subject to the fulfilment of the Conditions to Redemption and Purchase.
• Clean-Up Redemption Option: The Issuer may elect, subject to the Conditions to Redemption and Purchase, to redeem in whole, but not in part, of the Notes at any time after the Settlement Date at their Redemption Amount if 75% (seventy-five per cent) or more in aggregate Principal Amount of the Notes issued on the Settlement Date (and, if applicable, on the relevant settlement date(s) of any further tranche(s) of the Notes issued and assimilated to form a single series with the Notes) has been purchased and cancelled at the time of such election.
• Conditions for Redemption and Purchase: Any redemption or Purchase subject to (i) prior approval of Relevant Supervisory Authority; (ii) no Regulatory Deficiency has occurred and is continuing on the due date for redemption or purchase and such redemption or purchase would not itself cause a Regulatory Deficiency, and (iii) if and to the extent required under the then Applicable Supervisory Regulations in order for the Notes to be treated at least as Tier 2 Capital of the Group for the purposes of the determination of the Group’s regulatory capital, no Insolvent Insurance Affiliate Winding-up has occurred and is continuing on the date due for redemption or purchase.
• Documentation: The terms set out in this Term Sheet are subject entirely to the terms and conditions set forth in the final terms of the Notes (referred to in this Term Sheet as the “Final Terms”) and the base prospectus dated 05-Jun-26 in connection with the Euro Medium Term Note Programme, as supplemented and/or updated in accordance with Article 19(1b) of the Prospectus Regulation (the “Base Prospectus”, together with the Final Terms, the “Notes Documentation”).
• Specified Denomination: €100k + 100k
• Listing: Euronext Paris
• Form: Dematerialised bearer form (au porteur)
• Selling Restrictions: As per Notes Documentation
• Governing Law: French Law
• Clearing Systems: Euroclear France
• Target Market: Manufacturer target market (MIFID II & UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA and in the UK.
• Fees: The Banks will be paid a fee by the Issuer in relation to the transaction
• Global Coordinator, Sole Bookrunner, Sole Structuring Advisor: Crédit Agricole CIB (B&D)
• ISIN Code: FR001401B643
• Timing: FTT: 16:10 CET | TOE 14:52 UKT / 15:52 CET

PRICED: Bupa Finance plc £300m 12yr T2; UKT+165bp

IGC European Market: Deal Flow - General

Reoffer: 12yr: UKT+165bp / 99.156 / 6.98%
Reference Benchmark: 12yr: UKT 3 ¾ 29-Jan-38 @ 86.670 Mid | 86.640 Bid / HR 103%

Tranche 1 (12yr): Final books >£2.75bn

Launched: 12yr: £300m @ G+165bp - Books >£2.75bn
Guidance: 12yr: UKT+170bp (+/- 5bp WPIR) - Books >£2.25bn
IPTs: 12yr: UKT+195a

• Issuer: Bupa Finance plc (the “Issuer”)
• LEI: ZIMCVQHUFZ8GVHENP290
• Issue Ratings (expected): Baa1 (hyb) / BBB (Moody's / Fitch)
• Issue: Reg S Bearer (NGN), GBP Dated Tier 2 Fixed Rate Subordinated Notes (the “Notes”)
• Status and Subordination: The Notes are intended to constitute Tier 2 Capital of the Issuer and the Group for so long as (i) the Issuer is a direct and wholly-owned subsidiary of The British United Provident Association Limited and (ii) each Group Insurance Undertaking is owned, directly or indirectly, by the Issuer, or as otherwise agreed with the Relevant Regulator. The Notes and the Coupons relating to them will constitute direct, unsecured and subordinated obligations of the Issuer and will rank pari passu and without any preference among themselves. The rights and claims of the Noteholders and Couponholders against the Issuer are subordinated in a Winding-Up of the Issuer in accordance with Condition 2(b) and the provisions of the Trust Deed.
• Size: £300m
• Pricing Date: 22-Sep-26
• Issue/Settlement Date: 29-Sep-26 (T+5)
• Maturity Date: 29-Sep-38
• Reoffer: UKT + 165bps / 99.156 / 6.98% SA
• Reference Benchmark: Benchmark UKT 3 ¾ 29-Jan-38 (86.670 Mid | 86.640 Bid) | HR 103%
• Coupon: 6.875% Fixed, Semi Annual ACT/ACT ICMA
• Interest Payment Dates: 29-Mar and 29-Sep of each year, starting on 29-Mar-27.
• Solvency Condition: Except in a Winding-Up of the Issuer, all payments under or arising from the Notes and the Coupons relating to them shall be conditional upon the Issuer being solvent (as defined in Condition 2(c)) at the time for payment by the Issuer, and no amount shall become due and payable under or arising from the Notes or the Coupons relating to them unless and until such time as the Issuer could make such payment and still be solvent immediately thereafter (the “Solvency Condition”)
• No set-off, etc.: Subject to applicable law, no holder of any Note or Coupon will be entitled to exercise, claim or plead any right of set-off, counterclaim, compensation or retention in respect of any amount owed to it by the Issuer arising under or in connection with such Note or Coupon
• Optional Redemption at par: The Issuer may elect to redeem all, but not some only, of the Notes on any date within the period from (and including) 29-Mar-38 (the “First Par Call Date”) to (but excluding) the Maturity Date at their principal amount together with Arrears of Interest, if any, and any other interest accrued to (but excluding) the date of redemption, subject to certain pre-conditions to redemption
• Optional Make Whole Call: The Issuer may elect to redeem all, but not some only, of the Notes on any Optional Redemption Date (being the fifth anniversary of the Specified Date and any date thereafter) at their Make Whole Redemption Amount together with Arrears of Interest, if any, and any other interest accrued to (but excluding) the date of redemption, subject to certain pre-conditions to redemption
• Make Whole Call Redemption Margin: Make Whole Call G+25bps
• Special Redemption Events: Specified tax events, Capital Disqualification Event, Clean-up redemption at 75% threshold, subject to certain pre-conditions to redemption
• Mandatory Deferral of Redemption: Mandatory deferral of redemption on the Maturity Date or any earlier date set for redemption if: (i) a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or would occur if the Notes were redeemed; (ii) the Solvency Condition would not be satisfied on such date and immediately after the redemption; or (iii) the Relevant Regulator does not provide (or withdraws) its permission or consent to the redemption (to the extent that permission or consent is then required by the Relevant Regulator or the Relevant Rules) or such redemption otherwise cannot be effected in compliance with the Relevant Rules on such date. Following any deferral of redemption, the Notes will be redeemed only as set out in the Conditions
• Inapplicability Period: The Issuer may waive or suspend, at any time and in its sole discretion, its early redemption rights under the Conditions for a (definite or indefinite) period of time to be determined by the Issuer
• Substitution or Variation: Applicable upon the occurrence of specified tax events or a Capital Disqualification Event, subject to certain pre-conditions
• Mandatory Deferral of Interest: Payment of interest on the Notes will be mandatorily deferred on each Mandatory Interest Deferral Date. Any interest not paid on an Interest Payment Date as a result of such mandatory deferral or due to the operation of the Solvency Condition, together with any other interest in respect of the Notes not paid on an earlier Interest Payment Date shall, so long as the same remains unpaid, constitute “Arrears of Interest”. Arrears of Interest shall not themselves bear interest, and shall be payable only as provided in the Conditions
• Day Count Fraction: Actual / Actual – ICMA
• Business Days: London
• Specified Denomination: £100,000 + £1,000 (up to £199,000)
• Documentation: Preliminary Admission Particulars dated 22-Sep-26 and final Admission Particulars expected to be dated 25-Sep-26, including the section “Terms and Conditions of the Notes” therein (the “Conditions”, and references herein to a particularly numbered “Condition” should be construed accordingly)
• Enforcement: Enforcement rights for non-payment in respect of the Notes are limited to institution of proceeding for the winding-up of the Issuer and proving and/or claiming in any Winding-Up of the Issuer
• Statutory Loss Absorption Powers: Each holder of any Note or Coupon (or any interest therein) will, by virtue of its holding, acknowledge, accept and agree to be bound by the effect of the exercise of Statutory Loss Absorption Powers with respect to the Notes
• Governing Law: English Law
• Use of Proceeds: The net proceeds of the issue will be used by the Issuer for its general corporate purposes including, without limitation, the refinancing of the Issuer’s existing securities (in the Issuer’s sole and absolute discretion).
• Listing: London Stock Exchange’s International Securities Market
• Target Market/PRIIPs/CCI: Manufacturer target market (UK MiFIR / MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or UK.
• Selling Restrictions: Reg S only (Cat 2). The Notes are not intended to be sold and should not be sold to retail clients in the UK or EEA. Any sales of the Notes must be made in compliance with all applicable selling restrictions and as per the Preliminary Admission Particulars, in particular in U.S., UK and EEA
• ISIN / Common Code: XS3330149710 / 333014971
• Joint Lead Managers: Barclays, BNP Paribas, Citi (B&D), NatWest and Santander
• Timing: TOE 15.09 LDN / FTT 15.35 LDN

PRICED: Nationwide Building Society €750m 8NC7 SNP FXD/FRN; MS+100bp

IGC European Market: Deal Flow - General

Reoffer: 8NC7: MS+100bp / 99.651 / 4.434%
Benchmark: 8NC7: DBR 2.6 15-Aug-33 @ 95.535% / B+109.9bp / HR 100%

Tranche 1 (8NC7): Final Books above €1.1bn (excl JLMs). Peak book above €1.9bn (pre-rec)

Launched: 8NC7: €750m @ MS+100bp - Orderbook in excess of €1.35bn (excl. JLMs)
Spread set at: 8NC7: MS+100bp# - Books above €1.9bn (pre-rec)
Book Update: Books above €1.9bn (excl. JLM)
IPTs: 8NC7: MS+125a

• Issuer (Ticker): Nationwide Building Society (NWIDE)
• Issuer LEI: 549300XFX12G42QIKN82
• Offering: Senior Non-Preferred
• Issuer Rating: A1 (Moody’s) / A+ (S&P) / AA- (Fitch) (Stable / Stable / Stable)1
• Expected Issue Rating: A3 (Moody’s) / BBB+ (S&P) / A (Fitch)
• Format: Reg S (Cat 2), Bearer, NGN, TEFRA D
• Status: The Notes and any relative Coupons will constitute direct and unsecured obligations of the Issuer and, subject to the Insolvency Act (and any other Ranking Legislation), will constitute Secondary Non-Preferential Debts under the Insolvency Act (and any other Ranking Legislation), ranking pari passu and without any preference among themselves. Subject to the Insolvency Act and any other Ranking Legislation, claims in respect of principal, interest and any other amount (including, without limitation, any damages awarded for breach of the Issuer’s obligations) in respect of the Notes and any relative Coupons will, in the event of the winding up or dissolution of the Issuer (subject as otherwise provided in an Excluded Dissolution), rank as provided for Secondary Non-Preferential Debts in the Insolvency Act (and any other Ranking Legislation) - see Condition 2.2
• Tenor: 8NC7
• Size: €750m
• UK Bail-in Power Acknowledgement: Applicable – see Condition 20
• Benchmark Discontinuation: Applicable
• Waiver of Set-Off: Applicable, as per the Base Prospectus – see Condition 2.2
• Redemption at the option of the Issuer: Applicable – redemption in whole (and not in part) at par at the Issuer’s sole discretion (subject to Condition 4.13) on the applicable Optional Redemption Date (Condition 4.5)
• Loss Absorption Disqualification Event Redemption: Applicable - redemption in whole (and not in part) at par at the Issuer’s sole discretion (subject to Condition 4.13) upon the occurrence of a Loss Absorption Disqualification Event (Full or Partial Exclusion) (Condition 4.4)
• Tax Event Redemption: Applicable - redemption in whole (and not in part) at par at the Issuer’s sole discretion (subject to Condition 4.13) upon the occurrence of a Tax Event (Condition 4.2)
• Substitution and Variation: Applicable – at the Issuer’s sole discretion (subject to Condition 4.13) upon the occurrence of a Tax Event or a Loss Absorption Disqualification Event (Condition 4.14)
• Pricing Date: 22-Sep-26
• Settlement Date / Issue date: 29-Sep-26 (T+5)
• Optional Redemption Date: 29-Sep-33
• Maturity Date: Interest payment date falling on or nearest to 29-Sep-34
• Initial Coupon: Fixed Rate of Interest, Annual, ACT/ACT (ICMA), Following, unadjusted
• Fixed Rate of Interest: 4.375% per annum from (and including) the Settlement Date to (but excluding) the Optional Redemption Date, payable annually in arrear
• Reference MS Rate: 3.434%
• Reoffer Spread to MS / reoffer yield: 100bps / 4.434%
• Reference Benchmark: DBR 2.6 15-Aug-33
• Ref Benchmark / Yield / reoffer spread to benchmark: 95.535% / 3.335% / 109.9bps (HR: 100%)
• Reoffer Price: 99.651%
• Floating Rate of Interest: If the Notes are not redeemed on the Optional Redemption Date, interest will accrue on the Notes during the Floating Rate Period at a floating rate of interest equal to the relevant Reference Rate + the Margin from (and including) the Optional Redemption Date to (but excluding) the Maturity Date, payable quarterly in arrear, ACT/360, Modified Following, adjusted
• Reference Rate: 3-month EURIBOR as determined by reference to Reuters page EURIBOR01 at 11.00 a.m. (Brussels time) on the second T2 Business Day prior to the first day of each Interest Period commencing in the Floating Rate Period (where “T2 Business Day” means a day on which T2 is open)
• Margin: 107.8 bps
• Denominations: €100,000 x €1,000
• Governing Law: English Law
• Listing: London Stock Exchange (main market)
• Events of Default and enforcement: Restricted – see Condition 10
• Selling Restrictions: United States (Reg S, Cat 2), TEFRA D and per the Base Prospectus. No sales into Italy. Sales in Singapore to accredited investors and institutional investors only. Canada – offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Documentation: Nationwide Building Society US$35,000,000,000 European Note Programme base prospectus dated 30-Jul-26 and (i) the Terms and Conditions of the Notes set out therein (the “Conditions”, and references herein to a numbered “Condition” shall be construed accordingly), and (ii) the Registration Document dated 12-Jun-26 which is incorporated by reference therein.
• Use of Proceeds: General corporate purposes, as per Base Prospectus
• Joint Lead Managers: Citigroup (B&D), HSBC, J.P. Morgan, Lloyds, NatWest
• Target Market: UK MiFIR product governance: Professional clients and eligible counterparties only (all distribution channels). No sales to EEA or UK Retail investors. No EEA PRIIPS key information document (KID) or UK PRIIPS KID/CCI product summary has been prepared as the Notes are not available to retail investors in the EEA or UK
• Clearing: Euroclear and Clearstream, Luxembourg
• ISIN / Common Code: XS3519683463 / 351968346
• TOE / FTT: TOE: 14:54 UKT / FTT: 15:40 UKT
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in respect of the placement of the securities
• Advertisement: This communication is not a prospectus for purposes of the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook of the FCA Handbook made in accordance with the Public Offers and Admissions to Trading Regulations 2024 or Regulation (EU) 2017/1129, and no such prospectus is required to be (or will be) prepared by the Society or the Joint Lead Managers in connection with the Notes. Prospective investors should not subscribe for any Notes except on the basis of the information in the final Base Prospectus. The final Base Prospectus will be published on the website of the Society (https://www.nationwide.co.uk/about/investor-relations/funding-programmes/emtn) once available.

Senior Non-Preferred
NC7yr (Sep 2033) @ MS+125a
Implied Spread for fresh NC7yr @ MS+90
Priced at MS+100
NIC of +10

PRICED: Sysco Holdings and Sysco €1bn 30NC6 Jr Sub; 6.000%

IGC European Market: Deal Flow - General

Reoffer: 30NC6: 6.000% / 100
Benchmark: 30NC6: DBR 1.7 15-Aug-32 / B+271.9bp

Tranche 1 (30NC6): Final Books > €2.8bn

Launched: 30NC6: €1bn @ 6.000%
IPTs: 30NC6: 6.500%a

• Issuers: Sysco Holdings and Sysco
• Guarantor: Existing Sysco Corporation Senior Notes Guarantors
• Issuers LEI: 254900HVBPYIWRRJXR33 / 5RGWIFLMGH3YS7KWI652
• Exp Corporate Ratings (M/S/F): Baa3 (S) / BBB (N) / BBB (NW)
• Exp Security Ratings (M/S/F): Ba1 / BB+ / BB+
• Exp Equity Credit:
  • Moody's: 50% equity credit until 10 years prior to contractual maturity
  • S&P: 50% equity credit until First Reset Date
  • Fitch: 50% equity credit until 5 years prior to contractual maturity
• Ranking: Junior Subordinated Notes
• Format: SEC Registered
• Tenor: 30NC6
• Size: €1bn
• Settlement Date: 06-Oct-26 (T+10)
• Maturity Date: 06-Oct-56
• First Reset Date: 06-Oct-32 (6Y)
• Interest Rate & Resets:
  • Fixed and payable in arrears from the Issue Date to (but excluding) the First Reset Date
  • Resets every 5 years following the First Reset Date to a new fixed rate equal to the Reference Rate plus the Initial Spread plus the relevant Step-Up
• Coupon: 6.000%
• Yield: 6.000%
• First Coupon Step (25bps): 06-Oct-37 (11Y)
• Second Coupon Step (75bps): 06-Oct-52 (26Y)
• Denominations: €100k+€1k
• Active Bookrunners: Goldman Sachs & Co. LLC (B&D), TD Securities, BofA Securities, J.P. Morgan, Wells Fargo Securities
• Early Redemption:
  • Par Call: callable, in whole or in part, at par plus accrued interest during the 90-days up to/including the First Reset Date and on each interest payment date thereafter
  • Make-whole Call: in whole and not in part, any time other than a par call date
• Optional Interest Deferral: Optional deferral at any time, for period of up to 10 consecutive years
• Special Event Redemption:
  • Tax Deductibility Call, Rating Agency Event: 101% until First Par Call Date, Par thereafter
  • Substantial Repurchase Event: (75%), Tax Withholding Event: Par
• Governing Law / Documentation: State of New York
• Clearing: Euroclear / Clearstream
• Listing: New York Stock Exchange (the "NYSE")
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• Use of Proceeds: To pay the cash consideration for the JRD Acquisition Transactions and all other fees, costs and expenses related thereto or to pay the Special Mandatory Redemption
• Special Mandatory Redemption: 101% if acquisition of JRD does not occur
• Sales to Canada: Yes – via exemption
• MiFID II/UK MiFIR Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK disclosure document has been prepared as the notes will not be made available to retail investors in the EEA or the UK
• Offer Restrictions: This Preliminary Term Sheet is not an offer to sell or a solicitation of an offer to buy these securities in any jurisdiction where such offer, solicitation or sale is not permitted. The information in this Preliminary Term Sheet is preliminary and may be superseded by an additional term sheet provided to you prior to the time you enter into a contract of sale. This Preliminary Term Sheet is being delivered to you solely to provide you with information about the offering of the securities referred to herein.
• CUSIP / ISIN / Common Code: 87190XAA2 / XS3509683424 / 350968342
• Marketing: URL:https://dealroadshow.finsight.comEntry Code: SYSCO2026 Direct Link:https://dealroadshow.finsight.com/e/SYSCO2026
• Timing: Books open, today's business. Sysco may also pursue a separate USD and CAD note offering by way of a separate prospectus supplement, subject to market conditions. Neither offering will be subject to the completion of the other. Allocations & Pricing this PM.
• MAKE WHOLE/ CALL: 08-Jul-32@100
• Iss Sprd: +271.9bp vs DBR 1.7 15-Aug-32

PRICED: Telefonaktiebolaget LM Ericsson (publ) €500m Long 6yr Sr Unsec; MS+105bp

IGC European Market: Deal Flow - General

Reoffer: Long 6yr: MS+105bp / 99.367 / 4.495%
Benchmark: Long 6yr: DBR 2.3% 15-Feb-33 @ 94.18% / 3.324% / B+117.1bps (HR: 99%)

Tranche 1 (Long 6yr): Final Books €2.75bn. Peak book above €3bn (pre-rec, good at guidance)

Launched: Long 6yr: €500m @ MS+105bp - Books above €3bn (pre-rec, good at guidance)
Spread set at: Long 6yr: MS+105bp
Guidance: Long 6yr: MS+110a - Books above €2.85bn (pre-rec)
IPTs: Long 6yr: MS+140a

• Issuer: Telefonaktiebolaget LM Ericsson (publ)
• LEI Code: 549300W9JLPW15XIFM52
• Issuer Rating: BBB- positive (S&P), BBB- stable (Fitch)
• Expected Rating of the Notes: BBB- (S&P)
• Format: Senior Unsecured, Bearer, New Global Note, Green
• Pricing Date: 22-Sep-26
• Settlement Date: 29-Sep-26 (T+5)
• Maturity Date: 28-Feb-33 (long 6-year)
• Issue Size: €500m
• Reoffer: MS+105bps / 99.367% / 4.495%
• Coupon: 4.375% Fixed, Ann, Act/Act (ICMA), short first
• Benchmark: DBR 2.3% 15-Feb-33 @ 94.18% / 3.324% / B+117.1bps (HR: 99%)
• MWC: B+20bps
• ISIN: XS3519606985
• Docs: The Issuer’s U.S.$5,000,000,000 Euro Medium Term Note Programme dated 27-Mar-26 and supplemented on 18-Sep-26
• Use of Proceeds: The Issuer intends to apply an amount equal to the net proceeds specifically to finance or refinance, in whole or in part, Eligible Green Assets and Projects, as such term is defined and used in the Issuer’s Green Financing Framework, which is available for viewing on the Issuer’s website at https://www.ericsson.com/en/investors/debt-information/green-financing
• Listing / Law / Denoms: Euronext Dublin (Regulated Market) / English Law / €100k + €1k
• Business Days: London, T2
• Clearing: Euroclear and Clearstream, Luxembourg
• Opt. Redemption: Make-whole Redemption, 3 month issuer call (at par), tax call (at par), Issuer Residual Call (at par; 75%); as stipulated in the Issuer's EMTN Offering Circular
• CoC: Yes, at par; as stipulated in the Issuer's EMTN Offering Circular
• Negative Pledge: Yes, in relation to Relevant Indebtedness. As stipulated in the Issuer’s EMTN Offering Circular
• Selling Restrictions: Reg S, Compliance Category 2, TEFRA D; as stipulated in the Issuer's EMTN Offering Circular
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared as not deemed within scope / not available to retail in the EEA or the UK.
• Joint Bookrunners: BNP Paribas, Danske Bank, J.P. Morgan (B&D), SEB
• Schedule: Books open, today’s business
• Books Subject: 13:00 CET
• Hedge Deadline: 15:20 UKT / 16:20 CET
• Advertisement: The EMTN Offering Circular, supplement and the Final Terms, when published, will be available on the website of the Euronext Dublin at https://live.euronext.com
• Marketing: https://www.netroadshow.com/nrs/home/#!/?show=22bd4411 or visit www.netroadshow.com and enter the deal entry code: wave26
• Timing: TOE: 16:29 CET / 15:29 UKT; FTT: 16:50 CET / 15:50 UKT

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• Details correct at time of posting